If an Insured Is in Disagreement with the Insurer for Settlement

question 6

Multiple Choice

If an insured is in disagreement with the insurer for settlement of a claim, a suit must begin within

• A) 1 year.
• B) 2 years.
• C) 3 years.
• D) 5 years.

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Definitions:

Price Supports

Government interventions to maintain the market price of a commodity at a certain level by purchasing excess supply, providing subsidies, or imposing import restrictions.

Subsidies

Financial aid provided by the government to support a specific economic activity or sector.

Supply Of Farm Products

The total quantity of agricultural goods that producers are willing and able to sell at various prices during a certain time period.

Demand

The total amount of goods and services that consumers are willing and able to purchase at various price levels, at a given moment in time.